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Michael's (MIK) Stock Rises, Credit Suisse Upgrades

NEW YORK (TheStreet) -- Shares of Michael's (MIK) were higher in early morning trading as Credit Suisse increased the Irving, TX-based arts and crafts retailer's stock rating to "outperform" from "neutral" this morning.

The firm maintained its $29 price target, and Credit Suisse said the stock presents an attractive valuation, among other positive factors.

Despite the company's recent, somewhat disappointing fiscal 2016 second quarter results, Credit Suisse said Michael's third and fourth quarter comparable-store sales growth expectations of approximately 1% and 2%, respectively, will be achievable.

Michael's various initiatives, including seasonal resets, marketing changes and extra selling...